Bank Leumi, an Israeli bank, has entered into a deferred prosecution agreement with the Justice Department after disclosing that it had aided and assisted U.S. taxpayers to prepare and present false tax returns to the IRS by hiding income and assets in offshore bank accounts in Israel and elsewhere around the world. The agreement between the Bank Leumi Group and the Department of Justice marked the first time that an Israeli bank admitted to such criminal conduct which spanned over a 10-year period and included services and products designed to keep U.S. taxpayer accounts concealed at Bank Leumi locations all over the world. The Bank Leumi Group has agreed to pay the United States a total of $270 million, of which $157 million represents the penalty for taxpayer accounts held at the Leumi Private Bank in Switzerland. The penalty permits certain Swiss banks to avoid prosecution by making a full and complete disclosure of their U.S. taxpayer-held accounts and paying substantial penalties…

Bank Leumi, an Israeli bank, has entered into a deferred prosecution agreement with the Justice Department after disclosing that it had aided and assisted U.S. taxpayers to prepare and present false tax returns to the IRS by hiding income and assets in offshore bank accounts in Israel and elsewhere around the world. The agreement between the Bank Leumi Group and the Department of Justice marked the first time that an Israeli bank admitted to such criminal conduct which spanned over a 10-year period and included services and products designed to keep U.S. taxpayer accounts concealed at Bank Leumi locations all over the world.
The Bank Leumi Group has agreed to pay the United States a total of $270 million, of which $157 million represents the penalty for taxpayer accounts held at the Leumi Private Bank in Switzerland. The penalty permits certain Swiss banks to avoid prosecution by making a full and complete disclosure of their U.S. taxpayer-held accounts and paying substantial penalti…

In efforts to increase offshore tax compliance, the IRS just made brand new changes to its current offshore disclosure programs. The streamlined procedures have been expanded to accommodate a wider group of U.S. taxpayers who have unreported foreign financial accounts. This is a very good thing because now more people can use the procedures than could have before.

The original streamlined procedures announced in 2012 were available only to non-resident, non-filers. Taxpayer submissions were subject to different degrees of review based on the amount of the tax due and the taxpayer’s response to a “risk” questionnaire. The expanded streamlined procedures are available to a wider population of U.S. taxpayers living outside the country and, for the first time, to certain U.S. taxpayers residing in the United States. The changes include:

•Eliminating a requirement that the taxpayer have $1,500 or less of unpaid tax per year; •Eliminating the required risk questionnaire; •Requiring the taxpaye…

In efforts to increase offshore tax compliance, the IRS just made brand new changes to its current offshore disclosure programs. The streamlined procedures have been expanded to accommodate a wider group of U.S. taxpayers who have
unreported foreign financial accounts. This is a very good thing because now more people can use the procedures than could have before.

The original streamlined procedures announced in 2012
were available only to non-resident, non-filers. Taxpayer submissions were
subject to different degrees of review based on the amount of the tax due and
the taxpayer’s response to a “risk” questionnaire. The expanded streamlined procedures are available to a
wider population of U.S. taxpayers living outside the country and, for the
first time, to certain U.S. taxpayers residing in the United States. The
changes include:

•Eliminating a requirement that the taxpayer have $1,500 or less of
unpaid tax per year; •Eliminating the required risk questionnaire; •Requiring the taxpay…

The Wilson Tax Law Group is a tax firm serving the Newport Beach and Yorba Linda areas. This blog is meant to be both a service to our clients, where we can post IRS, California Franchise Tax Board, FBAR, and Orange County property tax news that may be of interest to them. It will also be a place where we will post on topics that are of interest to us and other tax professionals following hot tax topics of the moment. Sometimes, those areas will intersect, because we handle cutting edge cases including tax audits and tax planning for marijuana dispensaries (sales tax and income tax) and defending taxpayers in criminal investigations of the FBAR penalties. This blog will be constantly evolving, so please give us feedback in the comments section if you think of future topics you would like to read more about.

The Wilson Tax Law Group is a tax firm serving the Newport Beach and Yorba Linda areas. This blog is meant to be both a service to our clients, where we can post IRS, California Franchise Tax Board, FBAR, and Orange County property tax news that may be of interest to them. It will also be a place where we will post on topics that are of interest to us and other tax professionals following hot tax topics of the moment. Sometimes, those areas will intersect, because we handle cutting edge cases including tax audits and tax planning for marijuana dispensaries (sales tax and income tax) and defending taxpayers in criminal investigations of the FBAR penalties. This blog will be constantly evolving, so please give us feedback in the comments section if you think of future topics you would like to read more about.